Philippines share prices closed 0.71 percent lower on Tuesday as investors again took profits after the index hit nine-year highs last week, dealers said. They said Philippine Long Distance Telephone (PLDT) and Globe Telecom were among the biggest losers after they hit record highs last week.
But advances in conglomerate SM Investments and Philex Mining helped the key index recover from the day's lows and trim losses at the close.
The composite index closed down 20.13 points at 2,801.79 after moving between 2,788.33 and 2,822.71. The broader all-share index fell 6.76 points to 1,726.93. Losers and gainers were matched at 48 each with 60 unchanged. A total of 3.45 billion shares changed hands worth 2.45 billion pesos (49.21 million dollars).
The local currency traded at 49.781 pesos to the dollar. "The market is overbought, so it's not surprising to see investors taking profits even if the overall sentiment remains bullish," said Ron Rodrigo of Unicapital Securities.
"With the third-quarter results of most blue chips already out, the market is in consolidation mode and looking for fresh leads." Top-traded PLDT fell 70 pesos to 2,450 while Globe Telecom retreated 35 to 1,290. SM Investments extended its rally, gaining another 12.50 to a record high of 310.
Philex Mining edged up 10 centavos to 4.50 pesos after the company declared a cash dividend. San Miguel A-shares were steady at 65 pesos while its B-shares fell 50 centavos to 73 pesos.